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Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. It is a systematized body of knowledge in which economic facts are studied and analyzed in a systematic manner. A science is a body of generalizations, principles, theories or laws which traces out a casual relationship between cause and effect.
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. It is a systematized body of knowledge in which econo…